MIRA INFORM REPORT

 

 

Report Date :

27.12.2013

 

IDENTIFICATION DETAILS

 

Name :

METOD MAKINE SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler Istanbul 

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

06.10.2004

 

 

Com. Reg. No.:

534730

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of textile machines

 

 

No. of Employees :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence

Source : CIA

company name and address

 

 

NAME

:

METOD MAKINE SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler Istanbul / Turkey

PHONE NUMBER

:

90-212-438 17 24 -25

 

FAX NUMBER

:

90-212-438 17 26

 

WEB-ADDRESS

:

www.metodmakina.com

E-MAIL

:

info@metodmakina.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Atisalani

TAX NO

:

6200411029

REGISTRATION NUMBER

:

534730

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.10.2004

ESTABLISHMENT GAZETTE DATE/NO

:

11.10.2004/6154

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

11.12.2013 (Commercial Gazette Date /Number 17.12.2013/ 8466)

Previous Address

:

Demirkapi Mah. Inonu Cad. 7. Sok. No: 15/A Bagcilar Istanbul

Changed On

:

24.08.2005 (Commercial Gazette Date /Number 29.08.2005/ 6378)

Previous Address

:

Turgut Reis Giyimkent D-4 Blok No: 22 Esenler Istanbul

Changed On

:

13.06.2012 (Commercial Gazette Date /Number 19.06.2012/ 8093)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

30.09.2005 (Commercial Gazette Date /Number 07.10.2005/ 6406)

 

 

 

PREVIOUS SHAREHOLDERS

:

Erdal Doblak

50 %

Mehmet Demir

50 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Asif Demir

50 %

Erdal Doblak

50 %

 

 

DIRECTORS

:

Asif Demir                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile machines. 

 

The subject also orders textile machines to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

DK.29.54

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

1.218.940 TL

(2007) 

2.549.057 TL

(2008) 

2.790.303 TL

(2009) 

3.852.189 TL

(2010) 

4.583.740 TL

(2011) 

4.770 TL Thousand

(2012) 

4.937 TL Thousand

(01.01-30.09.2013) 

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(01.01-30.11.2013)

 

 

EXPORT VALUE

:

175.931 TL

(2007)

1.168.309 TL

(2008)

1.730.680 TL

(2009)

1.859.998 TL

(2010)

2.708.367 TL

(2011)

2.980.838 TL

(2012)

2.914.081 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Poland

Pakistan

Netherlands

Russia

Egypt

Ukraine

Hungary

Bangladesh

Morocco

India

 

MERCHANDISE  EXPORTED

:

Textile machines

 

HEAD OFFICE ADDRESS

:

Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler Istanbul/Turkey   

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Atisalani Branch

Garanti Bankasi Esenler Branch

HSBC Bank Ikitelli Organize Sanayi Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL Thousand

(01.01-30.09.2013) TL Thousand

Net Sales

2.790.303

3.852.189

4.583.740

4.770

4.937

Profit (Loss) Before Tax

407.361

262.615

339.511

177

143

Stockholders' Equity

776.774

984.657

1.289.418

1.427

 

Total Assets

2.432.011

2.911.991

2.169.427

3.036

 

Current Assets

2.380.161

2.816.613

1.978.575

2.770

 

Non-Current Assets

51.850

95.378

190.852

266

 

Current Liabilities

1.655.237

1.927.334

880.009

1.609

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

606.201

548.481

781.842

719

536

Operating Profit (loss)

322.963

242.258

362.829

248

83

Net Profit (loss)

324.615

207.884

269.761

138

143

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:950.000 TL

Payment Due Date

:11.12.2013

 

Capitalization

High As of 31.12.2012

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties. 

 

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

High As of 31.12.2012

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

Fair Operating Profitability (01.01-30.09.2013)

Fair Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.380.161

0,98

2.816.613

0,97

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

148.460

0,06

273.021

0,09

Marketable Securities

0

0,00

0

0,00

Account Receivable

890.719

0,37

1.419.410

0,49

Other Receivable

942.938

0,39

868.163

0,30

Inventories

0

0,00

6.045

0,00

Advances Given

109.442

0,05

99.323

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

288.602

0,12

150.651

0,05

NON-CURRENT ASSETS

51.850

0,02

95.378

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

51.069

0,02

91.077

0,03

Intangible Assets

781

0,00

2.160

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

2.141

0,00

TOTAL ASSETS

2.432.011

1,00

2.911.991

1,00

CURRENT LIABILITIES

1.655.237

0,68

1.927.334

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

13.551

0,00

Accounts Payable

1.299.047

0,53

1.500.984

0,52

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

550

0,00

0

0,00

Advances from Customers

151.508

0,06

378.370

0,13

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

197.237

0,08

34.429

0,01

Provisions

6.895

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

776.774

0,32

984.657

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

15.000

0,01

15.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

437.159

0,18

761.773

0,26

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

324.615

0,13

207.884

0,07

TOTAL LIABILITIES AND EQUITY

2.432.011

1,00

2.911.991

1,00

 

 

 

( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

1.978.575

0,91

2.770

0,91

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

581.971

0,27

526

0,17

Marketable Securities

0

0,00

0

0,00

Account Receivable

969.714

0,45

978

0,32

Other Receivable

125.169

0,06

207

0,07

Inventories

22.949

0,01

515

0,17

Advances Given

117.645

0,05

290

0,10

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

161.127

0,07

254

0,08

NON-CURRENT ASSETS

190.852

0,09

266

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

185.333

0,09

250

0,08

Intangible Assets

1.620

0,00

6

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

3.899

0,00

10

0,00

TOTAL ASSETS

2.169.427

1,00

3.036

1,00

CURRENT LIABILITIES

880.009

0,41

1.609

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

65.592

0,03

3

0,00

Accounts Payable

758.606

0,35

557

0,18

Loans from Shareholders

0

0,00

871

0,29

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

25.921

0,01

163

0,05

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

29.890

0,01

15

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.289.418

0,59

1.427

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

50.000

0,02

50

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

969.657

0,45

1.239

0,41

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

269.761

0,12

138

0,05

TOTAL LIABILITIES AND EQUITY

2.169.427

1,00

3.036

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

2.790.303

1,00

3.852.189

1,00

4.583.740

1,00

Cost of Goods Sold

2.184.102

0,78

3.303.708

0,86

3.801.898

0,83

Gross Profit

606.201

0,22

548.481

0,14

781.842

0,17

Operating Expenses

283.238

0,10

306.223

0,08

419.013

0,09

Operating Profit

322.963

0,12

242.258

0,06

362.829

0,08

Other Income

106.134

0,04

103.345

0,03

297.194

0,06

Other Expenses

14.329

0,01

77.280

0,02

290.645

0,06

Financial Expenses

7.407

0,00

5.708

0,00

29.867

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

407.361

0,15

262.615

0,07

339.511

0,07

Tax Payable

82.746

0,03

54.731

0,01

69.750

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

324.615

0,12

207.884

0,05

269.761

0,06

 

 

 

(2012) TL Thousand

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

4.770

1,00

4.937

1,00

Cost of Goods Sold

4.051

0,85

4.401

0,89

Gross Profit

719

0,15

536

0,11

Operating Expenses

471

0,10

453

0,09

Operating Profit

248

0,05

83

0,02

Other Income

130

0,03

160

0,03

Other Expenses

181

0,04

96

0,02

Financial Expenses

20

0,00

4

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

177

0,04

143

0,03

Tax Payable

39

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

138

0,03

143

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,44

1,46

2,25

1,72

Acid-Test Ratio

1,20

1,33

1,91

1,06

Cash Ratio

0,09

0,14

0,66

0,33

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

0,01

0,17

Short-term Receivable/Total Assets

0,75

0,79

0,50

0,39

Tangible Assets/Total Assets

0,02

0,03

0,09

0,08

TURNOVER RATIOS

 

 

Inventory Turnover

 

546,52

165,67

7,87

Stockholders' Equity Turnover

3,59

3,91

3,55

3,34

Asset Turnover

1,15

1,32

2,11

1,57

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,32

0,34

0,59

0,47

Current Liabilities/Total Assets

0,68

0,66

0,41

0,53

Financial Leverage

0,68

0,66

0,41

0,53

Gearing Percentage

2,13

1,96

0,68

1,13

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,42

0,21

0,21

0,10

Operating Profit Margin

0,12

0,06

0,08

0,05

Net Profit Margin

0,12

0,05

0,06

0,03

Interest Cover

56,00

47,01

12,37

9,85

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

114,92

132,65

76,16

73,81

Average Payable Period (days)

214,12

163,56

71,83

49,50

WORKING CAPITAL

724924,00

889279,00

1098566,00

1161,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.98

UK Pound

1

Rs.101.49

Euro

1

Rs.84.79

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.